we use fifty years of data and modern econometric methods to provide an estimate of the relationship between government spending on regulatory activity and economic growth and job recovery. We estimate that reducing the size of the regulatory bureaucracy may grow the economy and invigorate the labor market. Even a small 5% reduction in the regulatory budget (about $2.8 billion) is estimated to result in about $75 billion in expanded private-sector GDP each year, with an increase in employment by 1.2 million jobs annually. On average, eliminating the job of a single regulator grows the American economy by $6.2 million and nearly 100 private sector jobs annually. Conversely, each million dollar increase in the regulatory budget costs the economy 420 private sector jobs.Someone is insane. I am not certain whether it's the authors of the paper, or the folks in government, but the numbers boggle. Can anyone provide further analysis of the insanity?
Virginia Postrel has, historically, pointed out the W was nowhere near as bad a socialist as anyone with a brain thought him to be...because of the importance of the reguatory sphere. Since W kept regulation growing slower than any other president in recent memory...even his socialist policies (NCLB, Drugs for bribing seniors, etc.) were relatively unimportant. Regulation, and reining in the regulators was, according to her, the big deal.